Unibail-Rodamco-Westfield Sells 25% Stake in Prague's Centrum Černý Most for €553M

January 10, 2025 04:09 PM AEDT | By Team Kalkine Media
 Unibail-Rodamco-Westfield Sells 25% Stake in Prague's Centrum Černý Most for €553M
Image source: Shutterstock

Highlights

  • Unibail-Rodamco-Westfield (URW) sold a 25% stake in Centrum Černý Most, Prague, for €553 million, initiating a long-term joint venture.
  • A green mortgage loan of €268 million, the largest in the Czech market since 2023, will help finance the ongoing 9,000-square-metre extension.
  • The centre, among Prague’s best-performing retail destinations, will see enhanced retail, dining, and leisure facilities by 2026.

Global retail developer Unibail-Rodamco-Westfield (ASX:URW) has announced the sale of a 25% stake in Centrum Černý Most, one of Prague's premier shopping destinations, in a deal valued at €553 million. The agreement marks a significant milestone for the company as it continues to enhance its portfolio and strengthen its financial position.

Details of the Transaction

The deal paves the way for a long-term joint venture between URW and investment firms Upvest and RSJ Investments, who now hold the option to acquire an additional 24% stake within two years, based on the appraisal value at that time.

URW will retain management of the 85,000-square-metre shopping centre, which is currently undergoing upgrades. The sale also aligns with the company’s broader strategy to reduce debt and focus on sustainable financing.

Green Mortgage Loan

The transaction includes a green mortgage loan of up to €268 million, marking the largest syndicated commercial real estate loan in the Czech Republic since 2023. The loan will fund the ongoing 9,000-square-metre extension project, which is set to be completed by 2026.

This expansion will bring new retail, dining, and leisure facilities, further solidifying Centrum Černý Most’s status as a top-performing shopping destination in the region.

Centrum Černý Most’s Market Position

Centrum Černý Most is described as "one of the strongest and best-performing retail destinations in Prague", attracting significant foot traffic and a loyal customer base. The planned upgrades will bolster its competitive position, ensuring it remains a key player in Prague’s retail landscape.

Unibail-Rodamco-Westfield’s Performance

URW shares are currently trading at $6.20, reflecting steady investor confidence. The company’s strategic asset sales and joint venture agreements signal a focused effort to maintain financial health and drive sustainable growth.

 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.


AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.